With the economy expanding at 9% and the stock market generating incredible amounts of wealth, India is churning out millionaires by the minute.
MUMBAI: Mehvish Majithia studies fashion, loves shopping and has a fetish for shoes and bags. The 21-year-old sybarite living in Khar West is a shoe-a-holic. She has to have stuff that’s “very stylish” as well as “exclusive”.
As she shops at least once a month, Mehvish always ends up spending “a lot” on footwear. How much would a “lot” be? Between Rs20,000 and Rs 50,000 a pair.
With the economy expanding at 9% and the stock market generating incredible amounts of wealth, India is churning out millionaires by the minute. A recent report by New Delhi-based consultants Technopak estimates that there are at least 1.6 million households in India with a disposable — not per capita — income of at least Rs4 lakh per year.
US investment bank Merrill Lynch said there are more than 100,000 high-net-worth individuals in India with liquid assets of more than $1 million or Rs4 crore each. The total wealth of these people is predicted to touch $500 billion by 2010.
This prized duchy has meant the supra brands are here, ready to pander. Louis Vuitton, Gucci, Fratelli Rossetti, Salvatore Ferragamo, Bally of Switzerland, Jimmy Choo (America’s hottest) — all have beachheads, some in one city, some in many.
When it comes to women’s shoes made for style rather than walking, Christian Louboutin footwear lead the pack in the US. While Louboutin is yet to come to India, Manolo Blahnik and Jimmy Choo, are among the most sought-after brands here.
So what’s the profile of buyers? The Ferragamo store at Grand Hyatt, Santacruz, has mostly top executives as clients. Shoes here start at around Rs20,000 a pair with the most expensive being one made of crocodile skin. It puts you back by Rs91,000. A few honchos have already scooped it, says Danish Ali.
Right next to this lavish outlet is another belonging to yet another Italian brand — Fratelli Rossetti.
Its only store in India racks up sales of Rs10 lakh a month and flaunts footwear in the range of Rs15,000 to Rs25,000 for men, and up to Rs32,000 for women.
Since these are extreme luxury products, selling is often a very personal experience. “Most of our buyers are from south Mumbai. We send them pictures of the latest merchandise, they select and then we take the footwear in their sizes,” says Aariz Malik, assistant store manager at Fratelli Rossetti.
Each such store has a customer base of 5,000 to 10,000 of which a majority are regulars, sources said.
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